Pre-Season Overview

The spring auction season for rare, important, and luxury timepieces began in late April with Sotheby’s in Hong Kong and Monaco Legend Group’s Exclusive Timepieces event in Monaco. Sotheby’s opened the season with an exceptional result totalling $52 million, marking the most successful watch auction in the department’s history. Six world records were set, led by a Cartier London Crash that sold for $2 million, making it the most expensive Cartier watch ever sold at auction.

Monaco Legend Group’s Exclusive Timepieces sale achieved total sales of $30.9 million and a 98.3% sell-through rate, representing the house’s second-strongest performance to date. Top lots included a Patek Philippe reference 3448 “Padellone” dore dial that sold for $2.5 million and a Rolex reference 16516 Platinum “Zenith Daytona” that realized $2.2 million.

The Geneva sales commence on May 9, with the four major houses presenting a total of 1,277 lots. Following the strong results so far this season, market observers and collectors will be watching the Geneva sales with optimism.

Image: Sotheby’s Watches

The Watch Auction Calendar – Spring 2026

Selected Highlights – The Geneva Sales

Phillips in Association with Bacs & Russo – Geneva, Switzerland, May 9-10

Phillips once again leads the Geneva season with a tightly curated catalogue of important vintage and independent watchmaking. While the sale includes a number of significant pieces, the unquestionable centrepiece of the auction is:

Lot 27 – A Patek Philippe fef. 2523 “Polychrome Two-Crown World-Time”

One of the most important and visually striking wristwatches ever produced by Patek Philippe, this yellow gold reference 2523 features an exceptionally preserved cloisonné enamel dial depicting the map of South America. One of only two examples known, and the only one ever to appear publicly at auction, the watch last surfaced in 1988 and is widely regarded as one of the ultimate trophies of vintage watch collecting. Produced in 1953, the reference 2523 represented the pinnacle of Patek Philippe’s early world-time wristwatches, combining Louis Cottier’s groundbreaking two-crown world-time system with some of the finest enamel craftsmanship ever seen on a wristwatch.

Estimate: In excess of $6,340,000 USD

Image: Phillips Watches

Antiquorum – Geneva, Switzerland, May 9-10

Antiquorum returns to Geneva with another volume-driven sale, offering a broad cross-section of items, ranging from wrist and pocket watches to watch-related rarities and unusual paraphernalia. Among the standout lots is what may prove to be one of the most significant Nautilus watches ever to appear publicly:

Lot 285 – A Patek Philippe ref. 3700/13 “Jumbo” Nautilus with Pink Gold Dial
This probably unique yellow gold Patek Philippe ref. 3700/13 “Jumbo” Nautilus features an extraordinary pink gold dial with diamond indexes, specially ordered through Somazzi in Lugano and delivered in 1984 to the consignor’s family. While platinum versions of the reference have long been considered the rarest, this is believed to be the only known example with an alternate dial colour, making it an fascinating discovery for Nautilus collectors. It would appear to have been preserved in exceptional condition and is accompanied by its original certificate, box, and related paperwork.

Estimate: $1,270,000 – 3,170,000 USD

Image: Antiquorum

Sotheby’s – Geneva, Switzerland, May 10

As in the fall, Sotheby’s catalogue feels light in comparison to its competitors, though this is understandable, as it closely follows the record-breaking sale in Hong Kong a few weeks ago, which was clearly the house’s primary focus. Among the standout lots is one of the most important A. Lange & Söhne timepieces ever to appear publicly.

Lot 31 – An A. Lange & Söhne Grande Complication Clock Watch
Dating to circa 1916, this extraordinary pink gold Grande Complication clock watch is one of only nine examples ever produced by A. Lange & Söhne and the final example made in pink gold. Combining perpetual calendar, minute repeating, grande and petite sonnerie, moon phases, and split-seconds chronograph functions within an elaborate hunting case, it represents one of the most ambitious creations of early 20th century German watchmaking. Fresh to the market and retained by the same family since 1939, the watch is accompanied by extensive original documentation, archival material, and presentation accessories.

Estimate: $790,000 – 1,360,000 USD

Image: Sotheby’s Watches

Christie’s – Geneva, Switzerland, May 11

Christie’s closes the Geneva season with a refined catalogue focused on important modern and neo-vintage watches, with particular strength in rare Patek Philippe references and retailer-signed examples. Among the highlights is the celebrated Patek Philippe ref. 3940 “BEYER” dial, a perpetual calendar produced for Chronometrie Beyer Zürich, one of the manufacture’s oldest retail partners. Just 15 examples are known with a double-signed, numbered doré dial, with one preserved in the Patek Philippe Museum and another reportedly retained by Philippe Stern. The model’s growing importance among collectors was demonstrated recently when an example achieved CHF 762,150 including fees at an Artcurial Basel sale in March 2026. It will be interesting to see whether Christie’s sale builds on that result.

Lot 57 – Patek Philippe ref. 3940 “BEYER”
Produced in 1985 to celebrate the 225th anniversary of Chronometrie Beyer Zürich, this yellow gold Patek Philippe ref. 3940 was part of an extremely limited series of just 25 watches. The present example, numbered 13, features the coveted double-signed “BEYER” dial and German calendar configuration reserved for the first fifteen pieces. Widely regarded as one of the most important perpetual calendar references of the modern era, the 3940 helped redefine complicated watchmaking at Patek Philippe during the 1980s, and special retailer editions such as this rarely appear publicly.

Estimate: $225,000 – 450,000 USD

Image: Christie’s Watches

Lot 194 – A Rolex Prototype Submariner ref. 1680 in White Gold
One of only three known white gold Rolex Submariner ref. 1680 prototypes, this extraordinary watch represents a fascinating glimpse into an abandoned chapter of Rolex development during the 1970s. Unlike the two other known examples fitted with blue dials, the present watch is the only known example with a black dial, giving it a uniquely restrained and highly attractive appearance. Consigned by descendants of the original owner’s family, both of whom worked at Rolex, the watch remained in daily use for decades and retains numerous unusual prototype details, including an unnumbered case, distinctive bezel construction, and a white gold President bracelet. Rolex would not officially launch a white gold Submariner until 2014, making this prototype one of the most historically important modern Rolex sports watches ever to appear publicly.

Estimate: $510,000 – 740,000 USD

Image: Christie’s Watches

Key Metrics – The Geneva Sales

Total lots across all auction houses:

Brand focus per auction house (as a % of Total Lots)

Brand focus (as a % of total tots, with comparison to prior Geneva sales)

Market Pulse

The momentum generated by the unprecedented results achieved during the fall 2025 auction season appears to have continued through the winter and carried into the first major auctions of the year, as referenced in the commentary above. Liquidity appears to be available, alongside sustained demand for high-quality rare vintage Rolex and Patek Philippe timepieces, the continued rise of Cartier as a major focus of collector attention, and ongoing support for established independent watchmakers.

The relative lack of major trophy pieces and headline lots on offer in Geneva this spring may, in part, reflect a shift toward high-value private sales, driven by the agility of leading dealers, who are able to source and transact key pieces while offering lower commission structures and faster settlements than traditional auction houses. With collectors sensing continued market demand, some owners may also be choosing to hold onto their most important watches rather than consign them to public auction at this time, opting instead to see how the market develops.

Overall, the major auction houses have presented sufficiently strong and balanced catalogues to achieve notable results and further establish watches as a credible alternative asset class.

*De Bethune, Laurent Ferrier, Vianney Halter, F.P. Journe , A Lange , MB&F, Richard Mille, Voutilainen and Urwerk.

The watches highlighted above are for information, editorial and market commentary purposes only. They have not necessarily been inspected in person, and no recommendation or guarantee is made regarding condition, originality or value.

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